Homeowners have taken notice of the opportunities available to them through the remortgage deals being offered by lenders. According to the latest data released by LMS for the month of July, the monthly gross remortgage lending level was £7.1 billion. This was the largest level in almost eight years since October 2008.

Remortgage lending increased by 27% from the previous month of £5.6 billion and there was a 42% increase from the July 2015 level of £5.0 billion.

The volume of remortgages increased to 41,157, which is a 27% increase over the 32,400 recorded for June.

Many factors are being attributed to the increase of homeowners seeking remortgages, which includes continued low interest rates and rising house prices.

Andy Knee, Chief Executive of LMS, remarked, “The aftermath of the UK’s vote to leave the EU has not overshadowed an environment that is ripe for remortgaging as product rates plummeted to new lows.

Homeowners have been quick to capitalise on this and there’s little sign that incentives to remortgage will disappear any time soon.”

He added, “People who remortgaged in July did so more frequently than they have for more than six years – no doubt to take advantage of low rates in many cases and reduce their outgoings. Feedback suggests almost two-thirds remortgaged in July to take advantage of competitive rates, highlighting that significant savings are ripe for the taking.

“Although there is little for homeowners to fear in terms of a base rate rise over coming months, many could seek stability by remortgaging and fixing now, and we expect activity to maintain its momentum through the rest of 2016.”

The lending environment that brought homeowners out in July has not changed much through to today. Experts forecast that remortgages should still be very attractive through September and after that only time will tell as the factors that made July deals so good might change.